Researchers use AI to study market-driven platforms

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  • Selling power research team using AI improving economic and fiscal policies.
  • The Indian-born scientist is part of this major research.
  • Previously, Salesforce used AI models to create proteins during the Covid surge.

machine learning and artificial intelligence (AI) find their relevance in many industries and sectors. A Salesforce research team has developed a framework for improving economic policies using AI. To demonstrate the potential of AI, a team from ETH Zurich created a system that could read the height of trees from satellite images and tested a system to predict the success of a startup using data public.

Salesforce’s AI-powered framework is designed to simulate years of parallel economics to help economists, governments, and others design new tax policies.

Chief Scientist and Head of Salesforce Research, Richard Socher, and his team of researchers, including Principal Investigator Stephan Zheng, Indian-born Principal Investigator Nikhil Naik, and Principal Investigator Alex Trott, spoke about AI Economist and how AI Economist can impact economic and fiscal policy.

In a statement, Richard Socher said, “Salesforce aims to solve customer problems using AI. We have developed deep learning APIs that can be used to build AI-powered applications. with the language, vision and speech of Einstein”. He also explained how his team generated proteins using AI.

In addition, Richard also spoke about global issues – economic inequality gaps. According to him, this gap can have a negative impact on economic growth and opportunities. “With the help of AI Economist, we can apply reinforcement learning (the language of AI) to discover new fiscal frameworks that can develop frameworks to reduce economic inequality and improve economic productivity,” a- he added.

Principal researcher, Stephan Zheng presented the work of AI Economist. According to him, governments are not able to use taxes and subsidies which are important tools to reduce inequalities. With the help of AI Economist, reinforcement learning will be used to perform fiscal research and provide simulation and data-driven solution to achieve socio-economic goals.

About how AI Economist works, he said, “it uses a collection of AI agents to simulate people’s reaction to different taxes.”

Indian-born Principal Researcher Nikhil Naik also explained why AI Economist is exciting from an economic perspective. According to him, this AI model is incredibly powerful. It can help policymakers and economists by simulating millions of years of economies and finding a variety of fiscal frameworks.

AI and brand new frameworks for economists are showing capabilities to augment research and hypotheses. Partnering with government and other economists will help create a more appropriate simulation of the real world.

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